{"id":71524,"date":"2024-02-15T18:20:37","date_gmt":"2024-02-15T22:20:37","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71524"},"modified":"2024-02-15T18:23:00","modified_gmt":"2024-02-15T22:23:00","slug":"apecoin-dao-to-use-arbitrum-to-create-its-own-apechain-network","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/apecoin-dao-to-use-arbitrum-to-create-its-own-apechain-network\/","title":{"rendered":"ApeCoin DAO to Use Arbitrum to Create its Own ApeChain Network"},"content":{"rendered":"\n

The decentralized ApeCoin community<\/a> has decided to use Horizen Labs' assistance to construct the ApeChain network on Arbitrum.<\/p>\n\n\n\n

\"ApeCoin
ApeCoin DAO to Use Arbitrum to Create its Own ApeChain Network<\/figcaption><\/figure>\n\n\n\n

In support of the advancement of the ApeChain network on Arbitrum, almost 25 million APE tokens have been cast, according to the results of snapshot #19,095,282. This constitutes 50.35% of the electorate, with Polygon coming in second with 32.5% of the vote.<\/p>\n\n\n\n

\n

Congratulations to @apecoin\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack!

With $APE<\/use><\/svg><\/span><\/a> serving as both the gas and governance token for ApeChain, Arbitrum Orbit's customizability empowers @ApeCoin<\/use><\/svg><\/span><\/a> DAO with true ownership and control over this\u2026<\/p>— Offchain Labs (@OffchainLabs) February 15, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

Offchain Labs, the original creators of the Arbitrum technology<\/a>, disclosed in an X post on February 15 that APE coins will function as the network's governance and gas tokens in tandem. <\/p>\n\n\n\n

The company also noted that Arbitrum's on-chain governance model will enable the ApeCoin DAO community to propose further features.<\/p>\n\n\n\n

Blockchain developer Horizen Labs stated in the AIP-378 proposal that it is committed to “being a long-term holder and supporter of ApeCoin” and will be an enduring backer of the cryptocurrency.<\/p>\n\n\n\n

The company added that if the network handles one million transactions every day at a $0.02 transaction fee margin, ApeChain, the decentralized autonomous organization<\/a> in charge of ApeCoin, could bring in $7 million annually.<\/p>\n\n\n\n

\"Arbitrum
Arbitrum daily transactions chart | Source: Arbiscan<\/figcaption><\/figure>\n\n\n\n

But given that even Arbitrum has had days with more than a million transactions, it's unclear whether the following network will see demand this high. This is according to data provided by Arbiscan.<\/p>\n\n\n\n

Horizon Labs claims that other cryptocurrency companies, including NFT-marketplace Magic Eden <\/a>and Darewise Entertainment (a division of Animoca Brands), have supported their approach to building the ApeChain network. <\/p>\n\n\n\n

The company further stated that it “will not seek any form of compensation” from the ApeCoin DAO for the scope of work specified in its proposal.<\/p>\n\n\n\n

The ApeChain Security Council<\/use><\/svg><\/span><\/a> and Block Explorer costs will be covered by grant funds from the Arbitrum Foundation for three years, as per the agreement. CoinMarketCap statistics show that APE is trading at $1.58, up 2.5% from its previous price as of the time of writing.<\/p>\n","protected":false},"excerpt":{"rendered":"

The decentralized ApeCoin community has decided to use Horizen Labs’ assistance to construct the ApeChain network on Arbitrum. In support of the advancement of the ApeChain network on Arbitrum, almost 25 million APE tokens have been cast, according to the results of snapshot #19,095,282. This constitutes 50.35% of the electorate, with Polygon coming in second […]<\/p>\n","protected":false},"author":43,"featured_media":71526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[8164,18438,4579],"class_list":["post-71524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apecoin-dao","tag-apechain-network","tag-arbitrum"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/croc_1708031661855.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71524"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71526"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}